Marking the 10th anniversary of the passage of the Senior Citizens Property Tax Postponement program, Los Angeles County Assessor Alexander Pope reminded homeowners 62 years of age or older that they are eligible for the program if they have an annual income of $24,000 or less.
Neither the taxes nor the interest need be repaid until the senior citizen moves, sells the home, dies or allows future taxes to become delinquent. In effect, the law allows qualified senior citizens to borrow money from the state to pay the taxes on their homes.
Each year, about 3,500 homeowners in the county and 10,000 in the state defer taxes under this law. For the '85-'86 year, the program saved senior citizens payments of $1.9 million in the county and $4.7 million in the state.
This year, seniors have from Friday to Dec. 10 to file an application, which can be obtained by calling the State Controller's Office at 800/952-5661 or the local office of the Franchise Tax Board at 800/852-5711.